Overview
Alterna Savings is one of Ontario's largest credit unions, founded in 1908 as the Civil Service Savings and Loan Society; it adopted the Alterna name after its 2005 merger with Metro Credit Union and serves members across Ontario.
No-Fee Chequing Accounts
Free*
- Minimum balance required
- Monthly usage cap
Specific thresholds vary by credit union. Visit Alterna Savings's website for current requirements.
Current Rates
GIC Rate Ladder
| Term | Rate |
|---|---|
| 1-Year GIC | 2.65% |
| 3-Year GIC | 3.10% |
| 5-Year GIC | 3.30% |
Pros
- • Deposit insurance up to $250,000 per category through FSRA
- • No-fee chequing available with a minimum balance and monthly transaction cap
- • Excellent digital banking with a full-featured mobile app and online access
Cons
- • Fewer specialized financial products and international banking services than other institutions
Best For
Products & Accounts
Membership Eligibility
Open to all Ontario residents
Alterna is open to Ontario residents. They also operate Alterna Bank, a digital bank open to all Canadians.
Deposit Protection
FSRA
Unlimited in registered accounts. $250,000 per category in non-registered.
Financial Services Regulatory Authority of Ontario (FSRA) provides unlimited protection in registered accounts and up to $250,000 per category in non-registered accounts at Ontario credit unions.
Digital & Access
- Mobile App
- Online Banking
- Interac e-Transfer
- ATM NetworkTHE EXCHANGE Network
- Digital Ratingexcellent
Rate and eligibility data is gathered from official credit union websites and verified comparison sources. Last researched Mar 23, 2026. Always verify rates directly on the official website before making financial decisions.
Official WebsiteRelated reading
